HYDERABAD: With Hyderabad having recently topped JLL’s list of Most Dynamic Cities, real estate experts are hoping for the swift implementation of TS-IbPass for seamless real estate investment, both for commercial and residential investments.
The TS-IbPass, similar to the State’s ambitious TS-iPass policy, will fast-track clearances and permissions for builders. Rama Krishna Rao, president of Confederation of Real Estate Developers Association of India (CREDAI), Hyderabad, said the trend of commercial and industrial investment will also give way for residential investment, especially in areas like HiTech city, Shamshabad, and Kompally. This is due to the increased investments in IT, aviation and pharma industries. Krishna Rao was speaking at the launch of CREDAI’s ninth edition of the Hyderabad Property expo on Thursday.
He added that the government’s plan to increase ‘growth in dispersion’, if brought to the policy level, will ensure that investment is not just restricted to peripheral and IT zones. “According to a report by Oxford Economics, the city is recording a GDP growth of 8.7 per cent and is expected to grow at a rate of 9.5 per cent from 2019-2035. These are great indicators for sustained good performance of the real estate sector in the industry,” he said.
The ease of doing business in the State is attracting massive commercial investments. However, these investments will also increase employment opportunities, which means workers will eventually invest in residential spaces. “Any area that receives commercial investments will require at least four times the residential investments,” said Rao. But areas around the IT zone, such as HiTech City, Manikonda, Lanco Hills, Madhapur, sport the renting trend rather than homeownership.
Rao said, “These areas are currently known for renting of properties, however, that is because the age group of the population is very young. These newly-employed single people will settle down after a few years of service, which will definitely lead to them to investing in property.” Do these trends also indicate that the traditional commercial parts of the city, such as Mehdipatnam, Abids, Banjara Hills, will remain ignored?